Industry
Slightly more than 11% of the $38.4 billion of the insurance industry’s 2008 revenues went towards regulatory and tax costs, according to a PricewaterhouseCooper’s (PwC) report.Insurance Bureau of Canada commissioned PwC to study, for the first time, both the tax burden and the regulatory costs borne by the insurance industry. Total taxes borne by the […]
By Canadian Underwriter | April 21, 2010
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Underwriting losses in 2010 in the U.S. property and casualty industry will likely spur rate firming in 2011, according to Conning Research & Consulting.Conning’s Property-Casualty Industry Forecast is based on Conning’s proprietary industry model and analysis of industry drivers, as well as statutory data filings, public insurer results and 2010 catastrophe loss estimates. “Our expectation […]
It is unlikely that business interruption insurance policies will respond to the disruption to airspace as a result of the volcanic ash, according to Aon Global Risk Consulting. Flight bans were put in place in Europe on April 14 when an Icelandic volcano erupted, creating large clouds of volcanic ash that drifted across Europe. It […]
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FM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients benefiting the most.Clients who have been with FM Global for 35 years or more will […]
By Canadian Underwriter | April 20, 2010
McLarens Canada, has announced two new appointments to the claims management and the sales and marketing departments. Laurie Walker joins McClarens as director of Ontario auto accident benefits. She has more than 23 years of insurance adjusting experience, with extensive experience in Ontario accident benefits catastrophic claims, mediation, litigation and auditing. Dave Bernardi joins the […]
Private equity firms Stone Point Capital LLC and Hellman & Friedman LLC have acquired Sedgwick Claims Management Services Inc. for approximately $1.1 billion.“We are excited to be partnering with Stone Point and Hellman & Friedman for the next stage of Sedgwick CMS’s growth,” Sedgwick CMS president and CEO David A. North said in a press […]
Vehicle owners who are unable to drive due to medical reasons should apply for a non-driver medical discount, SGI urges. The corporation provides a 20% discount to those who are of driving age and own vehicles, but do not meet the Canadian Medical Association’s guidelines for driving. SGI’s Safe Driver Recognition program offers discounts to […]
AIG United Guaranty Mortgage Insurance Company Canada has been renamed Canada Guaranty Mortgage Insurance Company. An investor group, led by the Ontario Teachers’ Pension Plan and including National Mortgage Guaranty Holdings, Inc., completed the acquisition of AIG United Guaranty Mortgage Insurance Company Canada from American International Group Inc. (AIG). The terms of the transaction were […]
Partner Re is warning of a “no-growth environment” for the reinsurance market in the coming year.In its 2009 annual report, securing the future, Partner Re observed that during Jan. 1, 2010 renewals, “the company observed a competitive business environment with reinsurance pricing generally flat or experiencing reductions and a continuing trend towards increasing retentions by […]
National oil companies (NOCs) are expected to find captive insurance use more compelling in light of legislation that is now making it easier for NOCs to establish a captive within their own — or a local — jurisdiction, according to a report by Marsh. “With a growing list of countries implementing captive legislation, more NOCs […]
By Canadian Underwriter | April 19, 2010
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